Buying your first home is an exciting milestone, but it can also feel overwhelming. From navigating mortgages to understanding closing costs, there’s a lot to take in. To help you get started with confidence, here’s a practical guide for first-time buyers in Alberta, with local insights tailored to the Bow Valley and surrounding areas.
First-Time Homebuyer Checklist
- Meet with a mortgage broker or lender for pre-approval.
- Make a budget that includes mortgage, taxes, insurance, and utilities.
- Choose a local Realtor who knows the Bow Valley market.
- Research neighbourhoods that fit your lifestyle and budget.
- Start touring homes (virtually or in-person).
- Make an offer with conditions (financing, inspection, review of condo docs if applicable).
- Hire a lawyer to review contracts and handle closing.
- Arrange for a home inspection.
- Finalize your mortgage approval and insurance.
- Do a pre-possession walkthrough.
- Prepare for move-in day.
- Celebrate and do your happy dance.
Local Insight: Buying in the Bow Valley
- Tourist zoning, residential, or hotel/condo: Some properties are zoned for short-term rentals, others strictly for residential use. Make sure you understand the zoning before you buy.
- Older homes and poly-B plumbing: Many properties built before the late 1990s may have polybutylene plumbing, which often needs replacement.
- Mountain weather: Homes here take a beating from snow, wind, and freeze-thaw cycles. Factor in potential roof, window, and exterior maintenance.
- Insurance requirements: Some lenders require proof of insurance before closing. In mountain areas, wildfire coverage and water damage considerations are particularly important.
- Community considerations: Each neighbourhood has its own character. For example, Canmore offers a vibrant downtown and access to trails, while Dead Man’s Flats appeals to those wanting a quieter pace with quick highway access.
Common Mistakes First-Time Buyers Might Make
- Not getting pre-approved early
Many buyers fall in love with a home before knowing what they can actually afford. Getting pre-approved helps you shop with confidence and shows sellers you’re serious. - Focusing only on the list price
There are additional costs beyond the purchase price, including closing costs, legal fees, property taxes, and (in older homes) potential renovation or maintenance expenses. - Skipping the home inspection
Especially in mountain communities, issues like roof wear, water leaks, or poly-B plumbing can be costly surprises. Always budget for an inspection. - Overstretching the budget
Buying at the very top of your pre-approval can leave no room for lifestyle expenses, renovations, or unexpected costs. Think long-term affordability. - Not considering future needs
A property that works today might not fit tomorrow if your family grows or your work situation changes. Look ahead a few years when making your decision.
- Not getting pre-approved early